The announcements themselves made to day are almost Alice In...

The announcements themselves made to day are almost Alice In Wonderland like.

Despite holding an Annual General Meeting less than two weeks ago at which the CEO painted a 'rosy' picture of a profitable first half with an even more profitable second half and proudly pointing out a "maiden" dividend (of 1 cent) based on Eftel achieving profitability - 2 weeks later he has to formally advise that actually it was all a mistake and that Eftel was going to have to write off $A2.5 million due to, oops, things that he hadn't known 2 weeks previously??????

(and if you believe that you'll believe anything - which makes the previous public statements.....interesting in a legal context).

My guess - the old auditors quit because the books were a sham (they said as much in their qualification of the annual audit two years in a row) and the new auditors looked at the books and saw the same and insisted that they be 're-written' otherwise the new auditors wouldn't take up the position (which would have forced the company in to liquidation).

There is absolutely NO way that anything changed in the two weeks between the last AGM and today.

Two weeks ago - everything's fine/profits/dividends/rosy future

Today - doom and gloom/no profits/massive write offs/ oh....but the future's even more rosy.

I don't think I've ever seen such a bare faced turnaround by a public company.